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Jan 16, 2013
01/13
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the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you characterize that as an additional clip that is facing us, or do you think that
the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011...
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Jan 15, 2013
01/13
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ceiling soon compare our debts and bills . that is the right way to do it. and the i think that is what will eventually happen, but i don't think that going off in another direction would really be all that talk -- all that helpful. >> hello, chairman bernanke. i am a second year in pp at the force cool and studying for a graduate certificate in science and technology. second question from the audience, does the debt ceiling of a practical purpose? could it be eliminated without much consequence? >> does what have? >> the debt ceiling. >> it does not really have. it has symbolic value i guess, but no other country, i believe, maybe one or two other, but no other countries in the world have this particular institution . to so everyone understands what is, the congress appropriates $100, tells the government to spend $100 on whenever and then it raises $80 in revenue through its tax code. now, the arithmetic here sort of says, you have to borrow $20. shephard -- the congress has to give a third rule. if the congress is approving
ceiling soon compare our debts and bills . that is the right way to do it. and the i think that is what will eventually happen, but i don't think that going off in another direction would really be all that talk -- all that helpful. >> hello, chairman bernanke. i am a second year in pp at the force cool and studying for a graduate certificate in science and technology. second question from the audience, does the debt ceiling of a practical purpose? could it be eliminated without much...
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Jan 17, 2013
01/13
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ceiling -- the raising of the debt ceiling and sequestration. this is just getting underway. [applause] >> well, good morning. thank you, raymond. and thanks to all of you for making it through the snow drifts. glad you all arrived safely. one flake of snow, and washington closes down. well, we're very excited about the new year. our partnership with the chamber and this morning's program featuring senators kent conrad and judd gregg. before we start our program, i'd like to recognize our sponsors, bdo represented by david trimner. if bdo could, please, stand and be recognized. [applause] all right. the broadmoor remitted by hover -- represented by lori meacham. lori, if you could -- [applause] and ceo update whose editor-in-chief is recovering from a bad case of the flu, so she is not here. bdo is the leader in accounting and consultancy services for associations, the broadmoor is the number one resort property for associations looking for a five-star meeting experience. i've got great memories, i remember my first experience bringing my 4-year
ceiling -- the raising of the debt ceiling and sequestration. this is just getting underway. [applause] >> well, good morning. thank you, raymond. and thanks to all of you for making it through the snow drifts. glad you all arrived safely. one flake of snow, and washington closes down. well, we're very excited about the new year. our partnership with the chamber and this morning's program featuring senators kent conrad and judd gregg. before we start our program, i'd like to recognize our...
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Jan 17, 2013
01/13
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it's also going to be a play we know there's could be a fight over the debt ceiling. in the past the debt ceiling reminded folks we were borrowing too much and we needed to make changes. it could be a useful reminder not if it goes as far as people really start to worry about in the u.s. government and economic damage which is what we saw last time. the third piece of the resolution the fact that government spending is going to expire and these three issues is another kind of fiscal cliff and the question is is it going to force action with the hardest pieces that are still remaining were the fact when it comes to the fiscal clef they still for all intensive purposes it's good we didn't go over the fiscal cliff, it's good we raise revenue, but we basically did what we always do in washington which is we punted all the hard choices and a sort of tried to declare a bipartisan victory. but it wasn't theirs of the question was what's going to make these next action forcing moments more effective in getting us to take on the policy and this was a part of your question that
it's also going to be a play we know there's could be a fight over the debt ceiling. in the past the debt ceiling reminded folks we were borrowing too much and we needed to make changes. it could be a useful reminder not if it goes as far as people really start to worry about in the u.s. government and economic damage which is what we saw last time. the third piece of the resolution the fact that government spending is going to expire and these three issues is another kind of fiscal cliff and...
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Jan 18, 2013
01/13
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be done in term of reaching the debt ceiling. both sides seem locked in -- the president said i'm not going talk about the debt ceiling. speaker boehner said it can't be done unless we cut spending at the same time. so having watched this for more than thirty years of congress, what are the outside of actually avoiding going over the cliff given where both parties are? >> i think the odds are that we won't do it. [inaudible] as a mart of faith and consequence. those who say let's toy with it. they are toying with the american economy and they are toying with the global economy. and so i think it's somewhat -- it seems great to talk about doing that. but the closer you get to that cliff, i think the less likely it is that you'll -- [inaudible] >> let me ask one more and go to rick. let me ask about tax reform. you told "politico" last week that a balanced approach to replacing the sequester was spending cut and revenue. should accelerate tax reform. i believe it's fully possible this year if we work on a bipartisan basis. unquote.
be done in term of reaching the debt ceiling. both sides seem locked in -- the president said i'm not going talk about the debt ceiling. speaker boehner said it can't be done unless we cut spending at the same time. so having watched this for more than thirty years of congress, what are the outside of actually avoiding going over the cliff given where both parties are? >> i think the odds are that we won't do it. [inaudible] as a mart of faith and consequence. those who say let's toy with...
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Jan 17, 2013
01/13
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without going into all of the different ramifications i want to say a word about the debt ceiling which is not everybody understands what it's about. the debt ceiling which congress has to do periodically as gives the government money to pay its existing bills. it doesn't create new spending so it's like a family trying to improve its credit rating not the most effective way to improve the credit rating and was the slow solution to the debt ceiling in august of 2011 that of the u.s. downgraded last time brough so it's very important that congress take the necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. estimate the number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mentioned is certainly went part way that leaves a number of issues still on the table and additional negotiations are learning to read what you characterize that as a class that is facing us or do you think that it's not as concerning as it was when you raised that term initially? >> as i said the fis
without going into all of the different ramifications i want to say a word about the debt ceiling which is not everybody understands what it's about. the debt ceiling which congress has to do periodically as gives the government money to pay its existing bills. it doesn't create new spending so it's like a family trying to improve its credit rating not the most effective way to improve the credit rating and was the slow solution to the debt ceiling in august of 2011 that of the u.s. downgraded...
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Jan 16, 2013
01/13
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to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we've never tried that before. >> host: is it feasible? >> guest: i don't think so. which bills? social security? veterans? people out fighting for this country? which bills do you pay? we never tried that. i think the president put it so well. this is not a debt beat nation, really, and i think common sense is likely to prevail within the republican ranks. i know, if i might say so, if not firsthand, second hand, that the leadership within the house republican caucus, not all of it, i think some of it realizes that the potential consequences. >> host: if president obama won, so to speak on the fiscal cliff deal and got taxes increase, able to get new revenue, then why not, as democrats, agree to some spending cuts that republicans want? >> guest: well, the president made clear that there has to be, in terms of what's coming, there has to be a mixture, a balance between cuts and revenues. in terms of the sequester, we're going to have to hav
to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we've never tried that before. >> host: is it feasible? >> guest: i don't think so. which bills? social security? veterans? people out fighting for this country? which bills do you pay? we never tried that. i think the president put it so well. this is not a debt beat nation, really, and i think common sense is likely to prevail within the republican...
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Jan 18, 2013
01/13
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ceiling on time and prior to that preferably and reaching agreement on medium-term debt reduction. that i mentioned earlier. for the nonadvanced economies, and i'm putting together the emerging markets as well as the low income countries, clearly those countries are faring at a much better pace in terms of growth. but everywhere i've traveled in the last two months in africa, in latin america and in asia there's always been a concern about the unbalances and the lack of decisive action to address the advanced economies' crisis. so this spillover effect including in terms of confidence building are clear. and given those, this increasing interconnectedness -- particularly with certain markets -- reducing this uncertainty is going to be key to the health of the global economy and to a lot of those regions that are still very dynamic to continue to grow at a pace that is sustainable and necessary for the well being of their population. this is excessively too general because when you go down the list of the emerging market economies and the low income country, some of them are much mo
ceiling on time and prior to that preferably and reaching agreement on medium-term debt reduction. that i mentioned earlier. for the nonadvanced economies, and i'm putting together the emerging markets as well as the low income countries, clearly those countries are faring at a much better pace in terms of growth. but everywhere i've traveled in the last two months in africa, in latin america and in asia there's always been a concern about the unbalances and the lack of decisive action to...